Aromatic Solvents Market Industry Analysis, Growth, Drivers, Limitations, Regions, Development Status Highlighted for the Forecast Period Between 2019 and 2023
Aromatic Solvents are used in various applications such as paints and coatings, automobile, electronics, adhesives & sealants, and textiles among others. The growing demand from the developing region throughout the globe are the major factors driving the global market of aromatic solvents. The growing government investments in the infrastructural development coupled with the augmenting demand from the automobile sector are other factors contributing to the growth of the market. Among the various application sector paints and coatings is the dominant segment and expected to show the same trend during the forecast years. Aromatic solvents are extensively used as diluents and thinner in the paints and coatings industry. Furthermore, they are used to dissolve resins, pigments, and binding agents for efficient drying and curing of paints and coatings.
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The benzene aromatic solvent product segment is the leading type in the market on account of its growing use in paints and coatings. The advantages such as excellent solubility are contributing to the growth of the segment. Moreover, the aromatic solvent, toluene is expected to be the fastest growing segment with a considerable CAGR.
The Global Aromatic Solvents Market is spanned across five key regions: Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa. Among these, Asia Pacific holds a major portion of the global market and is anticipated to continue its dominance during the forecast period. The developing end-user industries in the region such as construction and automotive is expected to fuel the market growth. Moreover, the favorable government regulation has resulted in the shifting of the manufacturing base in the Asia Pacific region which has further propelled the market growth. The major counties attributing to the growth of aromatic solvents in this region are India, China, and Japan. North America is the dominant region for the market of aromatic solvents. The developed end-user industries coupled with the growing adoption of aromatic solvents are the major factors contributing to the growth of the market. In addition to this, the shale gas boom has augmented the oil and gas activities in the region which in turn is fuelling the growth of the aromatic solvents market owing to its use in wells and pipelines.
The major countries attributing to this growth are the U.S. and Canada. European market of aromatic solvents is mainly driven by the developed automobile and electronics industry. Moreover, the increasing use of aromatic solvents in the construction sector is also substantially adding to the growth of the market. The major countries attributing to this growth are Germany, Spain, France, and Italy among others.
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The Global Aromatic Solvents Market is segmented into product, type, and application. On the basis of the material, the market is segmented into benzene, toluene, xylene, and solvent naptha. On the basis of the application, the global aromatic solvents market is segmented into pharmaceuticals, oilfield chemicals, automotive, paints and coatings, pesticides, textiles, electronics, adhesives and sealants, cosmetics, and others.
- Exxon Mobil Corporation
- Celanese Corporation
- Royal Dutch Shell plc
- Eastman Chemical Company
- BASF SE
- LyondellBasell Industries Holdings B.V
- Chevron Phillips Chemical Company LLC
- Honeywell International Inc
- Sasol Ltd
- Ineos AG
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